25 April 2012 12:13 [Source: ICIS news]
SINGAPORE (ICIS)--Chinese traders are quoting low offers for Iranian polyethylene (PE) cargoes, anticipating domestic prices in ?xml:namespace>
Around 15,000-20,000 tonnes of Iranian PE are expected to arrive in early May, comprising mainly of film grade low density and high density PE (LDPE and HDPE), Chinese traders said.
Offers for prompt-arrival Iranian film grade LDPE were quoted at $1,390-1,420/tonne (€1,056-1,079/tonne), against bids at $1,370-1,400/tonne, all on a CFR (cost and freight) China, 90-day LC (letters of credit) basis, market sources said.
For Iranian film grade HDPE, Chinese traders are offering $1,370-1,380/tonne CFR China, LC 90 days for prompt arrival, with discussions underway.
These traders’ offers for Iranian material are at least $40-50/tonne lower than the best May offers announced by other Middle East producers this week, Chinese traders said.
A bearish sentiment is prevailing in the Chinese PE market, mainly because of the worsening European sovereign debt crisis, and weak downstream demand as a result of tight credit, Chinese traders said.
($1 = €0.76)
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